According to reports, the growing momentum of stablecoin regulation in the United States is driving major tech companies like Apple, X, and Airbnb to explore the integration of digital tokens.
According to a report by Fortune magazine on June 6, at least four tech companies, including Apple, X, Airbnb, and Google, are exploring stablecoins as a means to reduce fees and improve cross-border payments. Each company is at a different stage of implementation, with Google possibly going the furthest, having facilitated two stablecoin payments.
Payment infrastructure companies are also playing a role. For example, Airbnb has been discussing the use of stablecoins with Worldpay in an attempt to reduce fees from credit card payment processors like Visa and Mastercard.
The report states that the social platform X has been in discussions with crypto companies about integrating stablecoins into its X Money app. Elon Musk has previously stated that he wants to expand X's influence, allowing users to send and receive funds. The company has applied for money transmission licenses across the United States.
A spokesperson for Google Cloud told Cointelegraph that the company is "focused on responding to customer demand for efficient, 24/7 payments" and is "evaluating stablecoins to provide this service in a secure and reliable manner." The tech giant is also helping customers explore stablecoins by offering its ledger technology.
Stablecoins have become one of the most popular use cases for cryptocurrencies. Since January 2024, the market capitalization of such assets has grown from $131.3 billion to $249.3 billion, an increase of 90%.
Collaboration between stablecoin infrastructure and tech companies is also increasing. This includes the partnership between Mastercard and MoonPay, as well as Visa's deal with Bridge. In October 2024, Stripe announced an $11 billion acquisition of Bridge, which Fortune magazine described as the "starting gun" for Silicon Valley to take stablecoin technology seriously.
The crypto company Paxos, known for its stablecoins, has partnered with Stripe and PayPal to provide services. For Stripe, Paxos plans to launch a new stablecoin payment platform. Paxos is also the company supporting PayPal's PYUSD stablecoin, which has a market capitalization of $978 million.
The "Guidance and Establishment of a National Innovation Act for U.S. Stablecoins" (referred to as the GENIUS Act) is one of the developments pushing companies to explore digital assets.
The bill aims to provide a regulatory framework for domestic stablecoins and their issuers, but the debate over the potential involvement of large tech companies in the crypto industry has sparked controversy.
According to The New York Times, Republican Senator Josh Hawley recently stated that he would oppose the bill in its current form because it would allow tech companies to issue digital currencies that compete with the dollar.
The New York Times, citing informed sources, reported that Democrats plan to add an amendment prohibiting large tech companies from creating their own stablecoins. This move would force tech companies operating in the U.S. to use established stablecoin companies, including Tether and Circle.
Related: Dubai's real estate sales reached $18 billion in May, driven by tokenization.
Original: “Big Tech Considers Adopting Stablecoins as GENIUS Act Debate Continues”
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